Pune, India -- (SBWIRE) -- 09/13/2018 -- Introduction
The global Human Augmentation Market has been witnessing a huge growth over the last few years. Human augmentation is a term generally used to refer to technologies that enhance human capability and increase work productivity of the human body.
The factors responsible for the growth of the global human augmentation market are, advancement in human body modification, growing awareness regarding the benefits of exoskeletons in military and defense sector, and increasing demand for wearable devices for augmentation. However, social and ethical issues pertaining non-medical augmentation, the high cost of medical implants, and lack of skilled professionals are hampering the growth of the market and is expected to impact the human augmentation market on a global scale.
The key players of human augmentation market include B-Temia, Inc., BrainGate Company, Ekso Bionics Holdings, Inc., Cyber dyne, Inc., Raytheon Company, Samsung Electronics Co Ltd, Bionik Laboratories Corp., Toyota Motor Corporation, Panasonic Corporation, and Parker Hannifin among others.
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By end-user, the market is sub-segmented into healthcare, defense, manufacturing, IT, and others. By region, the market is sub-segmented into North America, Asia-Pacific, Europe, and the rest of the world.
Based on the product, the segment wearable augmentation led the market by generating the highest revenue of USD 576.46 million in 2017 and is expected to grow with 30.10% CAGR in the forecast period. Whereas, in-built augmentation is expected to be the leading market segment in the future, growing at 28.78% CAGR. The major components of in-built augmentation includes brain-computer interface (BCI), neurotechnology, and gene editing technology. In the end-user segment, healthcare is expected to witness high market growth in the coming years at a CAGR of 30.54%, which is estimated to generate a market value of USD 2.37 billion by 2023. The defense segment is following and is projected to grow at 28.92% CAGR. Defense industry is expected to register high growth in the coming years due to investment by government authorities to support the development of advanced exoskeletons and prosthetic arms.
The global human augmentation market is expected to reach approximately USD 2.84 billion by 2023, growing at a CAGR of 30.07% between 2017 and 2023..
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Target Audience:
Technology investors
Research/ consultancy firms
Technology solution providers
IT service providers
Original equipment manufacturers
Healthcare institutions
Key Findings:
The global human augmentation market is expected to reach USD 2.84 billion by 2023
By product, wearable augmentation is leading the market by generating the highest revenue of USD 576.46 million in 2017 and is expected to grow at 30.10% CAGR. Whereas, in-built augmentation is expected to be the leading market in the future, growing with 28.78% CAGR
By end-user,healthcare sector is expected to witness a high market growth in coming years. It is expected to grow with the highest CAGR of 30.54% and estimated to generate high market value of USD 2.37 billion by 2023
Geographically, North America region has been projected to hold the largest market share in the global human augmented market followed by Asia Pacific.
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